Publicis Groupe has recorded a positive first half year results but says account losses in 2015 will impact growth in the third quarter.
The advertising network recorded organic growth of 2.8% with revenue reaching €4.8 bn, an increase of 4.6% year on year.
Organic growth for the second quarter of 2016 was 2.7% with revenue reaching €2.5bn.
By region, Asia Pacific reported half yearly growth of 3.5% and organic growth of 4.7% largely aided by the performance of Greater China. Europe also saw revenue growth of 6.3% with organic growth of 5.5%.
North American growth reached 5.9% with organic growth at 1.4% while Latin America was down 20.4 on reported growth but 0.9% on organic growth.
Despite the positive results, CEO and chairman of the group Maurice Levy says he expects a more difficult third quarter as a result of the group losing some major accounts in the US, its alrgest market. losses included Procter & Gamble, Coca Cola, Mondelez and General Mills.
Globally Publicis' growth has been lagging its rivals WPP and Omnicom group, but a turnaorund plan was set in place in December to shift the group's structure into four units. At the time, Levy said it would turn the model upside down, remove silos and focus on what he calls “The Power of One”.
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